Dubai's DIC completes sale of alumina supplier Almatis

Dubai International Capital (DIC), the private equity arm of Dubai Holding, has announced that it has completed the sale of Almatis, the supplier of premium alumina for the refractory, ceramic and polishing industries to OYAK, Turkey's largest private pension fund. The completion of this sale follows receipt of all relevant regulatory approvals.

Taco Gerbranda, CEO of Almatis, said: "We are grateful to DIC for their support and the strong partnership that we formed during their ownership period.

"This partnership was critical in allowing us to undertake very ambitious strategic steps that ensured the longer term stability of our company by extending our global presence, increasing capacity and becoming vertically integrated, with the single objective to better serve our customers. Today marks the start of a new chapter for Almatis, with an owner who has expertise in our sector."

David Smoot, CEO of Dubai International Capital, added: "We are extremely pleased with the outcome of the sale of Almatis. During our ownership, our close collaboration with the management team and investment in the business allowed the Group to achieve significant growth and improvements in its operations. The Group has an extremely attractive growth potential and OYAK is the right partner to support it in the next phase of its development."

Recent divestments by DIC include German manufacturer Mauser, Ishraq Dubai, which comprised of four hotels in Dubai and the Holiday Inn Express Bahrain.